Via Transportation Director Targeted in Securities Class Action

The litigation centers on the $46.00-per-share initial public offering, which has since plummeted to $14.12—a loss of nearly 70% for early investors. The complaint argues that the registration statement, personally signed by Dinur, painted a picture of durable growth while failing to disclose that annual recurring revenue per customer was already in decline. According to court filings, the company’s expansion strategy in Germany was hampered by regulatory obstacles that kept microtransit services isolated rather than integrated, contrary to the growth narrative presented to the market.

Under Section 11 of the Securities Act of 1933, signatories of registration statements face strict liability for material misstatements or omissions. Plaintiffs contend that Dinur, as a member of the board, failed to conduct adequate due diligence before approving documents that glossed over seasonal downturns in the schools business and used conditional language to mask existing negative trends. Joseph E. Levi, the attorney representing the shareholders, noted that individual directors bear personal responsibility when investors suffer losses based on inaccurate corporate disclosures. The lawsuit names the company, its top executive team, and a syndicate of underwriters led by Goldman Sachs and Morgan Stanley as defendants.